Howdy fellow Fools.My DH started reading Die Broke. I'm looking for comments & discussion on this book, which I know some Fools like and Some Don't.??joycets
As with so many financial topics, my first impulse is to think about what happens if the argument fails. In this case, what if I plan for my money to run out when I am 85 and then live to 100? With advances in medical technology, radical declines in accident rates, and some improvement in healthy life styles I find it extremely difficult to predict life spans. This is a core element to FIRE, how long will I be around spending money? Regards, JohnH
My DH started reading Die Broke. I'm looking for comments & discussion on this book, which I know some Fools like and Some Don't. I have also read Die Broke along with a couple of other books by the same author. As it relates to FIRE, I agree with some of his ideas- Always treat your job as a temporary one by "quitting in your head".- Avoid credit, pay cash and not others:- IIRC the author was not an ER and still working after age 65. Perhaps that's why he encouraged boomers to never retire. - Use techniques to insure that you die broke. Not good for the ER who has many decades for which to fund living expenses.
- IIRC the author was not an ER and still working after age 65. Perhaps that's why he encouraged boomers to never retire.This doesn't have much to do with the post, but what does IIRC mean?
I think it's 'if I remember correctly.'
It's the companion book to "Live Rich." The guy had some interesting ideas. The "guerilla employee" label comes to mind. Basically, commit to no company, make as much cash as you can, forget working for benefits, and sock the cash away to fund your own retirement/bennie plan. Something to that effect.The "Die Broke" book is basically the extension of the philosophy. Have your assets fund your retirement, but leave nothing for anyone else. Especially your heirs. Figure a way to transfer the wealth BEFORE you die, so they can enjoy it and you can enjoy their enjoyment.. Something to that effect. All in all, I thought it was okay. Nothing earth shattering.Stetson20
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